Daejeon City Focuses on Filling Government Support Blind Spots with 4th Supplementary Budget Allocation

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 7th that it has formulated the 4th supplementary budget and submitted it to the Daejeon City Council.

The supplementary budget amounts to 82.5 billion KRW, and the city plans to focus on supplementing and strengthening support for economic recovery, such as small business owners and consumption promotion, who were excluded from government support (4th supplementary budget).

First, the city will provide additional support to small business owners and Daejeon-type restricted business sectors excluded from government support.

In addition, the budget will be concentrated on vulnerable groups such as small business owners and SMEs' employment and emergency livelihood support for crisis households.

The supplementary budget includes 12.6 billion KRW for support of small business owners excluded from government support, 10.5 billion KRW for emergency livelihood support for crisis households, 2.5 billion KRW for support of restricted business sectors, 10 billion KRW for revitalizing consumption to maintain employment and recover the local economy, 2.2 billion KRW for local job support, 1.8 billion KRW for small business owners' labor costs, and 8 billion KRW for providing quarantine supplies to the food service industry and others in response to the novel coronavirus infection (COVID-19).

The city plans to secure the necessary funds through additional national subsidies secured from the government, increased local taxes, and expenditure restructuring of projects expected to have unspent funds by the end of the year.

The supplementary budget will be finalized on the 14th of this month after approval by the City Council.

Yu Deuk-won, Director of the Planning and Coordination Office of the city, explained, “The city’s finances are in a very difficult situation as we have formulated three supplementary budgets this year, investing about 320 billion KRW of city funds,” but added, “However, we urgently formulated the supplementary budget to support small self-employed business owners and small business owners in difficulty and to recover the local economy weakened by COVID-19.”

This content was produced with the assistance of AI translation services.